OBR estimates that deficit reduction will stall for three years

 
Peter Spence
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(Source: OBR)

The Office for Budget Responsibility estimates that deficit reduction will continue to stall until 2014-2015 (release). The future deficit reduction estimates rely on future GDP growth (the forecasts of which have been unchanged from 2015 onwards). Deficit reduction targets chancellor George Osborne presented at the Budget (£97bn of borrowing in 2014/15, £87bn in 2015/16, £42bn in 2017/18 (without QE proceeds)) now appear unrealistic.